Insights: Financials

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

In the coming weeks, House Republicans are planning to take the first steps on their “reconciliation” (tax/spending) legislation, with different committees voting on the individual components of the bill for which they are each responsible. Speaker Johnson continues to say he wants to have the reconciliation bill enacted into law by the end of...

Financials, Macro

China Capital Flows & Restrictions

Treasury Secretary Bessent said in recent days that “everything is on the table” in response to a question about whether the administration would consider de-listing Chinese securities from U.S. exchanges. Doing so has been actively considered by policy makers since President Trump’s first term, alongside other possible restrictions on capital...

Student Lending

Following the release of President Trump’s Executive Order (EO) directing the “dismantling” of the Department of Education (DoEd), key Republicans in Congress – including Senate HELP Chair Cassidy (R-LA) – indicated they would introduce legislation to effectuate the closure of the agency. Meanwhile, with the passage this week of the House/Senate...

Crypto (Stablecoins/Market Structure)

Senate Banking Committee (SBC) Chair Scott (R-SC) said this week that he foresees stablecoin legislation coming to the floor for a vote in May, and that he’s working on a compromise version of the bill with House Financial Services Committee (HFSC) Chair Hill (R-AR) before this occurs. The SBC passed stablecoin legislation (the GENIUS Act) by a...

Bank Capital/Liquidity

Secretary Bessent gave a speech this week in which he indicated Treasury plans to play a central role in re-shaping financial regulation. He outlined his views generally and signaled direction on a number of issues, including Basel III, SLR, and stress tests/SCB. Bessent’s speech builds on Trump’s comment that, “The Fed has done a terrible job...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Senate Republicans are this week planning to begin consideration of a joint budget resolution that will eventually get adopted by the House as well. It appears Republicans are preparing to forgo the typical process for agreeing in the context of the budget resolution on the basic parameters of how they’ll achieve spending cuts, and will wait...